Estates and Future Interests Flashcards
Under modern law, a conveyance from “O to A” creates which interest in A?
Fee Simple Absolute
Which future interest follows a gap in possession or divests the estate of the transferor?
Springing Executory Interest
What is a Springing Executory Interest?
A future interest that follows a gap in possession or divests the estate of the transferor.
What is a Shifting Executory Interest?
A shifting executory interest does not follow a gap in possession or divest the estate of the transferor. A shifting executory interest is a future interest that divests the interest of another transferee.
If O conveys property “to A for life, then to B; but if B predeceases A, to C,” what interest does B have?
Vested remainder subject to total divestment
What is a Vested Remainder Subject to Open?
A vested remainder subject to open is a remainder created in a class of persons that is certain to take on the termination of the preceding estate, but is subject to diminution by reason of other persons becoming entitled to share in the remainder.
What is an Indefeasibly Vested Remainder?
An indefeasibly vested remainder is a remainder that (i) can be created in and held only by an ascertained person in being, (ii) must be certain to become possessory on the termination of the prior estate, (iii) must not be subject to being defeated or divested, and (iv) must not be subject to being diminished in size.
At common law, if O conveyed property “to A for life, then to B’s heirs” and A predeceased B, B’s heirs would have:
No Interest. A contingent remainder must vest prior to or upon termination of the preceding estate or it is extinguished. One cannot have heirs until death, thus if A died while B was alive, the interest would not have a destination, and would revert back to A.
A grantor who conveys a fee simple subject to a condition subsequent retains __________.
A right of entry.
The Rule Against Perpetuities provides:
certain interests in property are void if there is any possibility, however remote, that they may vest more than 21 years after some life in being at the creation of the interest.
If T devises property “to B’s children,” and B has at least one child living at all relevant times, when does the class of “B’s children” close?
At T’s death.
Pursuant to the rule of convenience, when the beneficiaries of an outright gift are a class, the class closes when:
the will becomes effective.
At common law, a conveyance of property from O “to O and A as joint tenants with right of survivorship” creates a __________.
Tenancy in Common.
What will sever a joint tenancy?
An inter vivos conveyance by one joint tenant.
If A, B, and C own property as joint tenants, and A conveys his interest to D, what interests do the parties own on B’s death?
C owns a 2/3 interest, and D owns a 1/3 interest
The distinguishing feature of a joint tenancy is
the right of survivorship. When property is held by three or more joint tenants, one joint tenant’s conveyance destroys the joint tenancy only as to that interest.
What property interests are not subject to the Rule Against Perpetuities?
Future interests in the grantor (i.e., reversions, possibilities of reverter, and rights of entry) are not subject to the Rule.
If O conveys property “to A for her support until she remarries,” what interest does A have?
Fee Simple Determinable.
What is Fee Simple Determinable?
A fee simple determinable is an estate that automatically terminates on the happening of a stated event and reverts to the grantor. It is created by the use of durational, adverbial language, such as “for so long as,” “while,” “during,” or “until.”
